Question: Simplify this expression to a common fraction:  $\frac{1}{\frac{1}{(\frac{1}{2})^{1}}+\frac{1}{(\frac{1}{2})^{2}}+\frac{1}{(\frac{1}{2})^{3}}}$
Answer: $\frac{1}{\frac{1}{(\frac{1}{2})^1}+\frac{1}{(\frac{1}{2})^2}+\frac{1}{(\frac{1}{2})^3}}=\frac{1}{\frac{2}{1}+\frac{4}{1}+\frac{8}{1}}=\boxed{\frac{1}{14}}$.